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Etch and wafer-cleaning equipment maker Lam Research Corp of Fremont, CA, USA has received a further Nasdaq Staff Determination letter dated 7 November saying that it is not in compliance with the filing requirements for continued listing set forth in Nasdaq Marketplace Rule 4310(c)(14). The letter was issued in accordance with standard Nasdaq procedures due to the delayed filing of Lam’s quarterly report on Form 10-Q for the quarter ended 23 September.

This follows a similar letter received on 27 August due to delayed filing of Lam’s annual report on Form 10-K for the year ended 24 June. Subsequently, in a hearing before the Nasdaq Listing Qualification Panel on 11 October, Lam’s management presented its plan to regain compliance with respect to the annual report. Pending a decision of the panel, Lam’s shares will continue to be listed on the Nasdaq Global Select Market. Lam is now presenting its views with respect to this additional deficiency to the panel, requesting an extension.

As Lam has previously disclosed, an independent committee of its board of directors, composed of two independent board members appointed by the board, is conducting a review of its historical stock option practices and related accounting, as a result of the independent fiscal year-end 2007 audit.

The independent committee is working with independent outside legal counsel to complete the review as soon as possible. Lam will not be able to file the delayed 2007 Form 10-K or September Form 10-Q until after completion of the review and until the firm can determine whether it needs to record any non-cash adjustments to compensation expense related to prior stock option grants.

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